We are laser-focused on approving mortgage refinances for these reasons or any other reason in a simple, no-nonsense way, at the absolute best rate.
As a leading Canadian Mortgage Broker having worked with hundreds of mortgage refinance transactions. Feel free to connect for a no-obligation conversation, at any time.
1. Determine approximately how much your home is worth.
2. What is 80% of the approximate value of your home?
This number is 80% approximately how much we have to work with on your refinance, because 80% is usually the maximum mortgage amount on a home.
3. How much balance is left owing on your existing mortgage?
4. Subtract how much is owing on your existing mortgage from the 80% value of your home (the first thing we need to do is pay out your existing mortgage).
5. The result is how much additional home equity you will have leftover to work with.
6. You can use this additional home equity to pay out debts, renovate, invest or whatever else you’d like to do. You do NOT have to use the full equity amount available.